Bitcoin mining difficulty reaches all-time-high despite slump in price, FTX woes

Bitcoin mining difficulty rose 0.51% to an all-time-high in Monday’s biweekly adjustment, according to BTC.com, despite the price of Bitcoin falling more than 22% in the past two weeks.

See related article: Mining rig maker Canaan’s stocks fall as Q3 profits shrink

Fast facts

  • The difficulty of mining Bitcoin has risen more than 51% so far in 2022, while the price of Bitcoin dropped 65%.

  • Bitcoin mining difficulty changes roughly every two weeks, and it correlates with changes in how much computing power is used for mining bitcoin blocks to be rewarded with Bitcoins.

  • Bitcoin’s seven-day average hashrate was at around 256 exahashes per second on Sunday, down from a seven-day average of around 266 exahashes two weeks ago, Blockchain.com data showed.

  • The mining difficulty reading was at 36.95 trillion, as of block height 764,064, the data showed.

  • A chart from BTC.com shows the mining pool Foundry USA run by a subsidiary of venture capital company Digital Currency Group, currently provides more than 27% of the computing power for the entire Bitcoin network. About twelve months ago, Foundry USA accounted for about 11.5% of the network, ranked fifth among all the mining pools.

  • Bitcoin traded down 3.97% in the past 24 hours to change hands at US$16,048 at 4 p.m. in Hong Kong, according to data from CoinMarketCap.

See related article: Hong Kong digital asset firm sets up US$50 mln fund to expand mining business amid crypto winter 

Source: https://finance.yahoo.com/news/bitcoin-mining-difficulty-reaches-time-092331527.html